Transcript Reaching the Disability Community Best Practices from Our

FINANCIAL EDUCATION
CHARTING A COURSE TO FINANCIAL WELLNESS
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5
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Today’s Moderator
Elizabeth Jennings
Director of Training & Technical
Assistance
National Disability
Institute
Today’s Agenda
 Welcome

Elizabeth Jennings, National Disability Institute (NDI)
 Financial Wellness and Individuals with MS

Elizabeth Jennings, NDI
 Money Smart

John Olsen , FDIC
 Financial Wellness & Living with MS

Mary "Jeannette" Schultz, NEFE
 Questions & Answers
 Suggested Next Steps & Wrap Up
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Special Thank You
Special THANK YOU
to our sponsor
Acorda Therapeutics
9
National Disability Institute
A national research and development
organization with the mission to promote
income preservation and asset development for
persons with disabilities and to build a better
economic future for Americans with disabilities.
What is Financial Wellness?
• We define financial wellness as the state of a
person’s finances with the intent of working
towards financial behaviors that limit stress
and the impact of stress on one’s daily life.
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Financial Wellness
Understanding
Public Benefit
rules
Building and
Maintaining Assets
Accessing
Available
Healthcare
Subsidies
Understanding
work and longterm disability
options
Being Financially
Literate
Accessing
Affordable
Financial Services
Utilizing Favorable
Tax Provisions
Budgeting
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National Poverty Estimates
Individuals ages 18-64
For individuals without disabilities,
12.8% had income below the poverty
level over the past 12 months
For individuals with disabilities, more
than 2x that rate - 27.3% had income
below the poverty level.
Source: U.S. Census Bureau, 2010 American Community Survey
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• No group in America is more in need
and more deserving of economic
recovery
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• For millions of working age adults
with disabilities a dependence on
public benefits for income, health
care, food, and housing becomes a
trap that requires staying poor to
stay eligible
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The Americans With Disabilities Act
•
The Nation’s proper goals regarding individuals with disabilities
are to assure equality of opportunity, full participation,
independent living, and economic self-sufficiency for such
individuals;
42 U.S.C. § 1201(a)(8) (2005)
•
the continuing existence of unfair and unnecessary discrimination
and prejudice denies people with disabilities the opportunity to
compete on an equal basis and to pursue those opportunities for
which our free society is justifiably famous, and costs the United
States billions of dollars in unnecessary expenses resulting from
dependency and non-productivity.
42 U.S.C. § 1201(a)(9) (2005)
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Why is Financial Wellness Important?
• Impacts mental and physical health.
• Positively impacts self-concept.
• Changes status with other community
stakeholders.
• Directly impacts quality of life.
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Financial Wellness and MS
• A recent survey conducted by MSAA and NDI
involving individuals with MS indicated:



55.1% of households earn less than $35k annually, 16.4%
earn less than $50k but more than $35k annually.
When asked about the ability to pay all of their bills in a
typical month, 32% have a “very difficult” time paying
their bills in a typical month, 46.9% reported a “somewhat
difficult time”.
43% of respondents reported that their financial status
has affected their ability to access medical care at some
point.
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Financial Wellness and MS
• A recent survey conducted by MSAA and NDI
involving individuals with MS indicated:



71.7% of respondents do not have enough savings to
cover 3 months expenses.
67.1% of respondents reported that their finances were
worse since their MS diagnosis.
73.7% of Respondents reported that they were not aware
of/have not used financial stability programs (EITC, IDA,
FSS, PASS – you will learn about these in subsequent
webinars)
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Financial Wellness Strategies Exist
Financial Literacy
Budgeting
Credit Repair
Getting Banked
Use of work incentives
Use of tax incentives
Volunteer Income Tax Assistance
Earned Income Tax Credit
Family Self-Sufficiency Programs
Individual Development Accounts
Assistive Technology Loan Funds
Student Loans
Retirement Accounts
State Medicaid
Buy-In
Programs
Post-secondary Education
Employment
Self-employment
Micro-Enterprise
Home Ownership
Protection and Advocacy, Taxpayer Advocates, Credit Counseling
Volunteer Income Tax Assistance, Work Incentive Planning & Assistance
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1st Step - Financial Education
Increasing your financial education is a great first
step that has zero negative impact.
Financial literacy can empower you to take charge of
your financial life and improve your financial
wellness.
42% of Americans give themselves a grade of C, D or
F on personal finance
2012 Consumer Financial Literacy Survey from the National Foundation for Credit Counseling
and the Network Branded Prepaid Card Association
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FDIC Money Smart
John Olsen
FDIC Community
Affairs Specialist
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FDIC Money Smart:
A Financial Education Program
John Olsen
Community Affairs Specialist
Federal Deposit Insurance Corporation
[email protected] | 334-271-5213 (ext. 4719)
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Money Smart
• Money Smart is FDIC’s Financial Education
Curriculum
– Money Smart has reached over 2.75 million
consumers since 2001.
– Research shows that the curriculum can positively
influence how consumers manage their finances,
as well as their financial confidence (FDIC FIL,
June 2007.)
– Money Smart is an award-winning program
(Service to America Medal and others)
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Versions for Adults:
Instructor-Led & Self-Paced
Instructor-Led
Self-Paced CBI
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Instructor-Led Curriculum
•
•
•
•
•
•
Each Module is Structured Identically
Comprehensive Guide for Instructors
Take-home Booklet for Participants
Visual Aid Slides – PowerPoint & PDF
Pre- and post-training quizzes
Duration of each Module: 1-2 Hours
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Instructor-Led Curriculum
• Available in: English, Spanish, Chinese, Korean,
Vietnamese, Hindi, Haitian-Creole, Hmong &
Russian
• Version for visually impaired is available
• FDIC’s Money Smart was the first nationally
distributed curriculum to provide a guide that
includes training tips & strategies for teaching
participants with disabilities (Guide to Presenting
the Money Smart curriculum)
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Money Smart Modules
Module 1:
Module 4:
Bank on It
Money Matters
Module 2:
Module 5:
Borrowing
Basics
Pay Yourself
First
Module 3:
Module 6:
Check it Out
Keep it Safe
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Money Smart Modules (continued)
Module 9:
Module 7:
Loan to Own
To Your Credit
Module 10:
Module 8:
Your Own
Home
Charge it
Right
Module 11:
Financial
Recovery
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Money Smart for Young Adults
(MSYA) Overview
 Based on the awardwinning Money Smart
Curriculum, but
Targeted Towards
Teens &Young Adults
 Ages 12-20
 FDIC’s Financial
Education Curriculum
– Grades 7-12
– First and second years of
college
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The Young Adult Modules
1.
2.
3.
4.
5.
6.
7.
8.
Bank On It
Check It Out
Money Matters
Pay Yourself First
Borrowing Basics
Charge It Right
Paying for College and Cars
A Roof Over Your Head
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Money Smart Podcast Network
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Money Smart for Small Business:
The Modules
•
•
•
•
•
•
•
Record Keeping
Financial Management
Banking Services
Credit Reporting
Tax Planning & Reporting
Time Management
Risk Management
• Insurance
• Selling a Small Business
& Succession Planning
• Organizational Types for
Small Business:
Pros and Cons of business
structures
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Money Smart is Unique
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Easy to Teach
Easy to Learn
Flexible
Targeted to Cash Consumer
Universal Appeal
No Copyrights
Multiple Media
Multiple Languages
FDIC Seal of Approval
Free!!
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Money Smart Updates
• Revised MS computer-based instruction
(online only) for adults & young adults
• MS Instructor-led multi-lingual CD-ROM
• MS for Small Business
• MS for Elementary School Students
(downloadable guides)
• MS for Older Adults (62 and up)
• View online or subscribe to receive via e-mails:
www.fdic.gov
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Downloadable Money Smart Products
• Money Smart for Elementary School Students (2012)
 Introduces primary personal finance concepts to children ages 5-8
 Includes activities designed to teach children about "paying yourself
first,” "wants versus needs," and other important lessons from the
Money Smart curriculum
• Money Smart for Older Adults (June 2013)
 MSOA is an instructor-led training developed jointly by FDIC and the
CFPB
 How to prevent, identify and respond to elder financial exploitation,
plan for a secure financial future, and make informed financial
decisions
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Thank You!
Questions?
www.fdic.gov/moneysmart
John Olsen
FDIC Community Affairs Specialist
[email protected] | 334-271-5213 (ext. 4719)
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Financial Wellness & Living with MS
Mary "Jeannette"
Schultz, NEFE
National Endowment
Financial Education
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Charting A Course to Financial Wellness
Webinar – July 17, 2013
Mary “Jeannette” Schultz
Project Manager of Strategic Programs and Alliances
National Endowment for Financial Education
www.nefe.org
The National Endowment for
Financial Education is . . .
• A nonprofit, noncommercial, independent, 501©(3), selffunded, private foundation based in Denver Colorado.
NEFE inspires empowered
financial decision-making for
individuals and families through
every stage of life.
www.NEFE.org
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NEFE Overview
We Serve . . .
•
•
•
youth up to retired adults
particularly “underserved”
people in difficult or unusual life circumstances
We Provide. . .
•
•
Grants for research about the field of financial literacy
Resources for consumers, educators, and facilitators
We Partner with . . .
•
•
•
•
•
•
Habitat for Humanity
American Indian College Fund
American Red Cross
Dress for Success
Generations United
Others . . .
www.NEFE.org
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NEFE REACHES
CONSUMERS
www.NEFE.org
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NEFE OVERVIEW
• BODY OF WORK (PROGRAMS)
• RESEARCH
• COLLABORATIONS
• CONNECTIONS
***********************
ACCELERATE, STIMULATE, GROUND
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YOUR ROLE IN A COMMUNITY
• LEADER
• TEACHER
• FACILITATOR
• CONVENER/CONNECTOR
• SUBJECT MATTER EXPERT
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Workshops
www.NEFE.org
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Living with MS
Use limitations: These materials may be used only for nonprofit, noncommercial educational purposes. These materials may not be used in connection with any sale,
advertisement, endorsement, or promotion of any service, product, person, or business and may not be sold or offered for sale.
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Objectives
• Obtain a clearer picture of your MS status
•
•
•
•
•
and needs with an eye toward finances
Conduct a financial inventory
Create a monthly spending plan
Consider workplace options
Understand possible employer benefits and
government programs
Know where to go for more information
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Purpose of MS Tracker
• Gives a snapshot of current symptoms and
treatments
• Identifies what exercise, alternative
treatments, and similar regimens alleviate
symptoms—and what they cost
• Can assist with talking to doctors and
employers
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Financial Inventory
• Helps you understand
what you own and owe
• Identifies assets (jewelry,
collectibles) that may be
tapped for future
expenses
• Helps determine whether
you qualify for
government programs
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Spending Plans
• Best way to manage expected and unexpected
costs
• Clarifies actual monthly income
• Provides a realistic picture of monthly
expenses
• Establishes a plan for saving—both for longterm goals and unexpected expenses
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Income and Expenses
• Understand all sources of income and exact
amounts expected each month
• Many people have unrealistic ideas of
actual income
• Track where your money goes each month
• Don’t forget easily overlooked expenses,
such as savings
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1
Income vs. Expenses
• Revise spending plan when income or
expenses change (keep in mind medications
and MS-specific treatments and regimens)
• If there is money left over, increase
savings—including emergency fund
• If coming up short, reduce the debt (cut
expenses or raise more income)
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Expense Reduction
• Question every nonessential
expense on Spending Plan,
cut back where possible
• Sell unwanted or seldom-used
items
• Consider working with a
nonprofit credit counselor
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Debt Reduction Plan
• Experts suggest organizing debts from those
with the highest interest rates to the lowest
• In time, you will be debt free
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Tips for Reducing Debt
• Balance the need to pay off debt with need
to save for the future—including emergency
funds (debt charges high interest rates and
emergencies do happen)
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MS at Work: Disclose or Not?
• Disclosure “Pros”
 Disclosure “Cons”
– Protections under
 Unsympathetic
ADA may apply
employers
– Avoid MS symptoms  Employer concerns
being attributed to
about loss of
drug or alcohol
productivity
abuse
 Concerns about costs of
– Needed to
job accommodations
negotiate job
accommodations
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ADA Highlights
• ADA prohibits discrimination on the basis of
•
•
•
disability
Applies to workers in companies with 15 or
more employees
Requires employers to make a “reasonable
accommodation” to allow you do to your job
Accommodations cannot cause “undue
hardship” for employers (decided on a case-bycase basis)
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Employer Benefits
• Review the benefits offered by your employer
• Define any confusing or unfamiliar terms or
conditions
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Types of Possible Employee Leave
• Sick time - Paid time off to recover from
sickness
• Vacation - Also can be used to recover from
a flare-up of symptoms
• Short-term disability - Type of insurance
that can begin after a few days of disability,
typically provides 40 percent to 60 percent
of wages, coverage ends after a few months
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Types of Possible Employee Leave
• Family Medical and Leave Act
– Provides up to 12 weeks of unpaid leave per
year
– Applies to eligible employees coping with
certain medical or family situations
– Allows individuals to keep their jobs and healthcare benefits
– Applies to employers with 50 or more workers;
employees must have worked at least 1,250
hours during the past 12 months
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Review Health-Care Plan
• Look for and understand the terms:
– Formulary - What prescriptions the plan will
and won’t cover
– Pre-existing condition exclusion periods Refusal to cover certain conditions for a set
amount of time if the conditions existed before
the health-care plan took effect (the Affordable
Care Act is changing many aspects of health
care)
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Affordable Health Care Act Overview
• Individuals denied private coverage because of
pre-existing conditions can enter a
Pre-Existing Condition Insurance Plan
• Lifetime maximum amounts eliminated
(annual limits eliminated in 2014)
• Drug discounts for Medicare recipients
• Young adults (under 25) can stay on parents’
health-care plan
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Government Programs
• Social Security Disability Income (SSDI) Applies to
•
those who are disabled, have worked, and paid SS
taxes. Provides a monthly income (amount based
on years worked, age, amount earned, etc.). SSDI
recipients also may qualify for Medicare.
Supplemental Security Income (SSI) SSI is for
people who are unable to work and have little
income and few assets. There are no prior-work
requirements.
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Government Programs
• Ticket to Work - Allows SSDI and SSI recipients to test
•
their ability to return to work without losing all
benefits
Medicaid - A program for those who have no other
means to pay for necessary medical care. Medicaid is
a partnership between the federal and state
government.
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Review
• Be proactive in your response to MS.
Understand your symptoms and treatment.
• It’s a sound idea for everyone to conduct a
financial inventory, create a spending plan,
deal with any debt, and commit to saving.
• Knowledge is power. Understand employer
benefits and health care options.
• Recognize the benefits and limitations of
government programs.
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You Are Not Alone
• NEFE’s Smart About Money website
www.smartaboutmoney.org offers practical
guidance for life’s challenging financial
situations
• The National MS Society and the Multiple
Sclerosis Foundation provide a wealth of
information about living with MS, strategies
for coping, and access to various community
groups and professionals
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Outreach: E-Newsletter
www.NEFE.org
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FINANCIAL WORKSHOP KIT/SURVEY OF NEFE TOOLS
NEFE Tools
• Smart About Money
• My Retirement Paycheck
• Retirement TLC
• Life Values Quiz
• NEFE Financial Education Evaluation Toolkit®
• NEFE High School Financial Planning Program® (HSFPP)
• CashCourse®
• Spendster
www.nefe.org
SmartAboutMoney.org
www.NEFE.org
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Consumer Tool
spendster.org
www.NEFE.org
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Consumer Tool
myretirementpaycheck.org
www.NEFE.org
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Consumer Tool
Other NEFE resources:
•www.hsfpp.org
•www.financialworkshopkits.org
•www.spendster.org
•www.smartaboutmoney.org
Contact
• Mary “Jeannette” Schultz, MNM
Project Manager, Strategic Programs and Alliances
National Endowment for Financial Education
[email protected]
(303) 224-3502
• www.nefe.org
Questions & Answers
Suggested Next Steps
1. Take a financial literacy course of your
choosing.
Set a goal to complete the course over the next three
months
Share with us your experience.


»
We will send out emails over the next few months to offer you a
chance to share your experience.
75
Suggested Next Steps
2. Ask for what you want/need.
Paying fees at your bank – shop around

»
»
http://www.thebeehive.org/money/save-it/open-bankaccount/questions-ask-opening-new-bank-account
http://www.defendyourdollars.org/pdf/stepsmoveyourmoney.pdf
Want a lower credit card rate – ask

»
http://credit.org/blog/request-lower-interest-rate-credit-card/
Share with us your experience.

»
We will send out emails over the next few months to offer you a
chance to share your experience.
76
Suggested Next Steps
3. Join our upcoming webinars





August 21, 2013- Your Home – Owning, Refinancing &
Modifying
September 18, 2013- Social Security Disability Insurance –
The Impact of Work on Benefits
October 16, 2013 - Prolonging Work Supports to Keep You on
the Job
November 20, 2013 - The NEW Healthcare Changes and You
December 18, 2013 - Favorable Tax Deductions for
Individuals with Disabilities
www.realeconomicimpact.org/Financial-Education/FinancialWellness-Webinar-Series.aspx
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Suggested Next Steps
4. Review additional NDI resources/tools available
Asset Development

Employment

Free Tax Preparation

Financial Education

Public Benefits Planning

Public Policy
http://www.realeconomicimpact.org/Our-Work.aspx

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Financial Literacy Resources
• FDIC Money Smart http://www.fdic.gov/consumers/consumer/moneys
mart/
• National Endowment for Financial Education®
(NEFE®) - http://www.smartaboutmoney.org/
• Finra http://www.finra.org/Investors/ToolsCalculators/
• Springboard http://credit.org/blog/ebooks/?src=courses
• The Beehive - http://www.thebeehive.org/money
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Financial Literacy Games
• Visa Financial Soccer

www.financialsoccer.com
• Doorway to Dreams - Financial Entertainment

http://financialentertainment.org
• Practical Money Skills for Life

http://www.practicalmoneyskills.com/games
• Geni Revolution: Online Personal Finance Game

http://www.genirevolution.org/materials.php
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Financial Empowerment Tools
• Mint - www.mint.com
• Love My Credit Union www.lovemycreditunion.org
• My Money Check Up www.mymoneycheckup.org
• Learn Vest - www.learnvest.com
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Thanks to our sponsor
Special THANK YOU again
to our sponsor
Acorda Therapeutics
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Contact Information
National Disability Institute
www.realeconomicimpact.org
Katie Metz
904-716-7936
[email protected]
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